ICF vs. FPRO
ICF (iShares Cohen & Steers REIT ETF) and FPRO (Fidelity Real Estate Investment ETF) are both REIT funds. ICF is passively managed, while FPRO is actively managed. Over the past 5 years, ICF returned 3.01%/yr vs 3.13%/yr for FPRO. With a 0.98 correlation, they move nearly in lockstep. ICF charges 0.34%/yr vs 0.59%/yr for FPRO.
Performance
ICF vs. FPRO - Performance Comparison
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Returns By Period
In the year-to-date period, ICF achieves a 12.19% return, which is significantly higher than FPRO's 9.97% return.
ICF
- 1D
- 0.17%
- 1M
- -0.92%
- YTD
- 12.19%
- 6M
- 11.56%
- 1Y
- 11.29%
- 3Y*
- 10.12%
- 5Y*
- 3.01%
- 10Y*
- 5.54%
FPRO
- 1D
- 0.12%
- 1M
- -1.08%
- YTD
- 9.97%
- 6M
- 9.24%
- 1Y
- 10.32%
- 3Y*
- 9.14%
- 5Y*
- 3.13%
- 10Y*
- —
ICF vs. FPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 12.19% | 1.85% | 5.30% | 10.36% | -26.12% | 40.72% |
FPRO Fidelity Real Estate Investment ETF | 9.97% | 2.60% | 5.63% | 10.93% | -25.02% | 40.13% |
Correlation
The correlation between ICF and FPRO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.98 |
The correlation between ICF and FPRO has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
ICF vs. FPRO - Sectors Allocation Comparison
Sectors
ICF
FPRO
Real Estate
Basic Materials
-
-
Communication Services
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
-
Healthcare
-
-
Industrials
-
-
Technology
-
-
Utilities
-
-
Real Estate
ICF
FPRO
Basic Materials
ICF
-
FPRO
-
Communication Services
ICF
-
FPRO
Consumer Cyclical
ICF
-
FPRO
-
Consumer Defensive
ICF
-
FPRO
-
Energy
ICF
-
FPRO
-
Financial Services
ICF
-
FPRO
-
Healthcare
ICF
-
FPRO
-
Industrials
ICF
-
FPRO
-
Technology
ICF
-
FPRO
-
Utilities
ICF
-
FPRO
-
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Return for Risk
ICF vs. FPRO — Risk / Return Rank
ICF
FPRO
ICF vs. FPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Cohen & Steers REIT ETF (ICF) and Fidelity Real Estate Investment ETF (FPRO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| ICF | FPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.14 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.35 | +0.03 |
| Martin ratioReturn relative to average drawdown | 3.92 | 3.88 | +0.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ICF | FPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 0.79 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.17 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.35 | -0.03 |
Drawdowns
ICF vs. FPRO - Drawdown Comparison
The maximum ICF drawdown since its inception was -76.74%, which is greater than FPRO's maximum drawdown of -32.81%. Use the drawdown chart below to compare losses from any high point for ICF and FPRO.
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Drawdown Indicators
| ICF | FPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.74% | -32.81% | -43.93% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -7.67% | -0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -17.25% | -16.83% | -0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -34.74% | -32.81% | -1.93% |
Max Drawdown (10Y)Largest decline over 10 years | -40.22% | — | — |
Current DrawdownCurrent decline from peak | -2.67% | -2.73% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -14.18% | -12.66% | -1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 2.67% | +0.21% |
Volatility
ICF vs. FPRO - Volatility Comparison
iShares Cohen & Steers REIT ETF (ICF) and Fidelity Real Estate Investment ETF (FPRO) have volatilities of 3.71% and 3.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICF | FPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.71% | 3.54% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 9.85% | 9.13% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.57% | 13.10% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.91% | 18.62% | +0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.58% | 18.37% | +2.21% |
ICF vs. FPRO - Expense Ratio Comparison
ICF has a 0.34% expense ratio, which is lower than FPRO's 0.59% expense ratio.
Dividends
ICF vs. FPRO - Dividend Comparison
ICF's dividend yield for the trailing twelve months is around 2.48%, less than FPRO's 2.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPRO Fidelity Real Estate Investment ETF | 2.57% | 2.69% | 2.50% | 2.83% | 2.67% | 1.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ICF iShares Cohen & Steers REIT ETF | 2.48% | 2.88% | 2.66% | 2.76% | 2.64% | 1.82% | 2.38% | 2.55% | 3.20% | 3.10% | 4.21% | 3.30% |
Frequently Asked Questions
With a correlation of 0.96, ICF and FPRO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
ICF has higher volatility (3.71%) compared to FPRO (3.54%). In terms of maximum drawdown, ICF dropped -76.74% vs FPRO's -32.81%.
On 5-year performance, FPRO leads with 3.13% vs 3.01% for ICF. On fees, ICF is cheaper at 0.34% per year. On volatility, FPRO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FPRO has performed better with a 3.13% return vs 3.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICF is cheaper with a 0.34% expense ratio, compared with 0.59% for FPRO.
FPRO has the higher dividend yield at 2.57%, compared with 2.48% for ICF.
They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.34% for ICF and 0.59% for FPRO.
ICF currently has the higher Sharpe Ratio (0.84 vs 0.79), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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